According to Forbes’ research, Binance’s assets have fallen in the past two months.
The leading cryptocurrency exchange has lost 15% (about $12 billion) of its assets in recent weeks.
Binance’s Assets Dissolved
Although the company’s CEO, Changpeng Zhao, continued his attempts to stabilize the situation, the great insecurity in the market caused the exits to increase.
The Forbes report states that only the MaskEX exchange has experienced larger percentage losses among Binance’s 23 competitors in the past 30 days.
This inconsistency is seen as an indication of trust issues with Binance. Considering the company’s market share, it is possible that the deepening of the crisis will have important consequences for the sector.
The continuation of the exits from Binance at the current rate can have devastating consequences for both the digital asset market and other participants in the market.
Binance remains by far the largest exchange based on daily trading volumes, according to data provided by crypto analytics company Coinglass.
The stock market has faced further investigation following the collapse of its biggest rival, FTX.
Although Binance published proof-of-reserve reports after the collapse of FTX, it fell short on traditional auditing.